"The irony... is that high development theory was right. By this I do not mean that the Big Push is really the right story of how development takes place, or even that the issues raised in high development theory are necessarily the key ones for making poor countries rich. What I do mean is that the unconventional themes put forth by the high development theorists—their emphasis on strategic complementarity in investment decisions and on the problem of coordination failure—did... identify important possibilities that are neglected in models. But the high development theorists failed to convince their colleagues of the importance of those possibilities. Worse, they failed even to communicate clearly what they were talking about. And so good ideas, important ideas, were ignored for a generation..."
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Academics from the United StatesEssayists from the United StatesColumnists from the United StatesBloggers from the United StatesEconomists from the United States
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Ch. 1. The Fall and Rise of Development Economics
https://en.wikiquote.org/wiki/Paul_Krugman
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Paul Krugman
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